NEW DELHI: State-owned Bank of Maharashtra (BoM) on Monday posted a 72 per cent bounce in internet profit at Rs 920 crore for the September quarter, aided by a decline in unhealthy loans and an increase in interest income. The lender had reported a standalone profit of Rs 535 crore within the year-ago interval.
The whole income elevated to Rs 5,796 crore through the quarter below evaluate, as towards Rs 4,317 crore in the identical interval final 12 months, BoM stated in a regulatory submitting.
The financial institution earned interest income of Rs 5,068 crore through the quarter, in contrast to Rs 3,815 crore in the identical interval a 12 months in the past.
Net Interest Income (NII) grew by 28.88 per cent to Rs 2,432 crore in Q2FY23, as towards Rs 1,887 crore in the identical interval a 12 months in the past.
Talking concerning the monetary efficiency, BoM managing director A S Rajeev stated the working profit has proven a development of 31 per cent to Rs 1,920 crore, as towards Rs 1,462 crore in the identical interval a 12 months in the past.
Net Interest Margin (NIM) elevated to 3.89 per cent, from 3.55 per cent in the identical quarter a 12 months in the past, he stated, including the NIM within the remaining half of the present fiscal is predicted to stay round 3.5 per cent.
On the asset high quality entrance, the lender reported an enchancment because the gross non-performing belongings. NPAs, or unhealthy loans, fell to 2.19 per cent of the gross advances as of end-September 2023, from 3.40 per cent by finish of second quarter of earlier monetary 12 months.
Likewise, internet NPAs or unhealthy loans got here down to 0.23 per cent, from 0.68 per cent on the finish of the second quarter of the earlier fiscal.
Provision Coverage ratio improved to 98.40 per cent, as towards 96.06 per cent in September, 2022.
Provisions for unhealthy loans for the second quarter elevated to Rs 597 crore, from Rs 532 crore earmarked for the year-ago interval.
The enhance in provision due to slippages was recorded within the agriculture sector portfolio due to erratic rainfall.
The financial institution has made further provision of Rs 300 crore to take care of the deficit rainfall scenario having implication on agri-loans, he stated.
During the quarter, the gross advances elevated by 23.55 per cent to Rs 1,83,122 crore on the finish of September 2023.
With regard to Capital Adequacy Ratio, Rajeev stated it has elevated to 17.61 per cent with Common Equity Tier 1 (CET1) ratio of 12.28 per cent.
Asked if additional hike in interest fee is predicted, Rajeev stated it has peaked on each deposit and lending aspect and there is probably not any change for the subsequent two quarters.
There could also be some strain on Current Account Savings Account accretion aspect due to enhance in deposit uncommon, he stated, including, this could stabilise within the couple of quarters.
The whole income elevated to Rs 5,796 crore through the quarter below evaluate, as towards Rs 4,317 crore in the identical interval final 12 months, BoM stated in a regulatory submitting.
The financial institution earned interest income of Rs 5,068 crore through the quarter, in contrast to Rs 3,815 crore in the identical interval a 12 months in the past.
Net Interest Income (NII) grew by 28.88 per cent to Rs 2,432 crore in Q2FY23, as towards Rs 1,887 crore in the identical interval a 12 months in the past.
Talking concerning the monetary efficiency, BoM managing director A S Rajeev stated the working profit has proven a development of 31 per cent to Rs 1,920 crore, as towards Rs 1,462 crore in the identical interval a 12 months in the past.
Net Interest Margin (NIM) elevated to 3.89 per cent, from 3.55 per cent in the identical quarter a 12 months in the past, he stated, including the NIM within the remaining half of the present fiscal is predicted to stay round 3.5 per cent.
On the asset high quality entrance, the lender reported an enchancment because the gross non-performing belongings. NPAs, or unhealthy loans, fell to 2.19 per cent of the gross advances as of end-September 2023, from 3.40 per cent by finish of second quarter of earlier monetary 12 months.
Likewise, internet NPAs or unhealthy loans got here down to 0.23 per cent, from 0.68 per cent on the finish of the second quarter of the earlier fiscal.
Provision Coverage ratio improved to 98.40 per cent, as towards 96.06 per cent in September, 2022.
Provisions for unhealthy loans for the second quarter elevated to Rs 597 crore, from Rs 532 crore earmarked for the year-ago interval.
The enhance in provision due to slippages was recorded within the agriculture sector portfolio due to erratic rainfall.
The financial institution has made further provision of Rs 300 crore to take care of the deficit rainfall scenario having implication on agri-loans, he stated.
During the quarter, the gross advances elevated by 23.55 per cent to Rs 1,83,122 crore on the finish of September 2023.
With regard to Capital Adequacy Ratio, Rajeev stated it has elevated to 17.61 per cent with Common Equity Tier 1 (CET1) ratio of 12.28 per cent.
Asked if additional hike in interest fee is predicted, Rajeev stated it has peaked on each deposit and lending aspect and there is probably not any change for the subsequent two quarters.
There could also be some strain on Current Account Savings Account accretion aspect due to enhance in deposit uncommon, he stated, including, this could stabilise within the couple of quarters.
